Published on 10/15/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.77 million 8% autocallable fixed-coupon notes on S&P, Russell
Chicago, Oct. 15 – GS Finance Corp. priced $1.77 million 8% autocallable fixed-coupon notes due Jan. 5, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each index closes at or above 105% of its initial level on any of three call observation dates: March 27, 2020, June 29, 2020 and Sept. 28, 2020.
If the notes are not subject to an automatic call, the payout at maturity will be par unless either index finishes below its initial level and either index ever closes below the trigger level, 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing index with a maximum payout of par.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable fixed-coupon notes
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| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $1,772,000
|
| Maturity: | Jan. 5, 2021
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| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Call: | At par plus the coupon if each index closes at or above 105% of its initial level on March 27, 2020, June 29, 2020 or Sept. 28, 2020
|
| Payout at maturity: | Par unless either index finishes below initial level and ever closes below 70% trigger level, in which case full exposure to loss
|
| Initial levels: | 2,961.79 for S&P and 1,520.476 for Russell
|
| Call levels: | 105% of initial levels
|
| Trigger levels: | 70% of initial levels
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| Pricing date: | Sept. 27
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| Settlement date: | Oct. 2
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| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.85%
|
| Cusip: | 40056XDW3
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